Electric and natural gas utility CMS Energy Corp. (CMS) announced Wednesday that David Joos, current president and chief executive officer, would assume the non-executive chairmanship of the boards of directors of CMS Energy and its principal subsidiary, Consumers Energy, at the May 21 annual shareholders meeting. The company named John Russell to succeed Joos as CMS Energy and Consumers Energy president and chief executive officer. In addition, Russell has been nominated to join the CMS Energy and Consumers Energy boards of directors.
In his new role, Joos, who was CMS Energy's president and CEO, and Consumers Energy's CEO since 2004, will succeed Ken Whipple, who was the company's chairman since 2002.
The newly elected CEO, Russell, served since 2004 as president and chief operating officer for Consumers Energy. He was executive vice president of Consumers Energy, and president and CEO of the utility's electric business from 2001 to 2004. It was in 1981 that Russell joined the utility.
Commenting on his appointment, Russell said, "I am committed to continuing the successful execution of our Michigan investment plan. These investments in our utility operations will improve customer service and spur growth in renewable energy, energy efficiency, and state of the art power generation."
Michigan-based CMS Energy and Consumers Energy also announced that directors Ken Whipple, Joseph Paquette, Jr. and Percy Pierre will not be standing for re-election at the company's annual shareholders meeting. Whipple and Paquette have reached the mandatory retirement age, while Pierre has elected to retire after two decades of service to the company. With this, the boards will be reduced from 12 directors to 10.
CMS is currently trading at $15.68, down $0.01 or 0.06%, on a volume of 77,240 shares.
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